Electric vehicle batteries producer gets fiscal perks
on February 23, 2021 at 8:37 am
A manufacturer of fast chargers and retrofit kits for electric vehicles (EVs) has secured fiscal perks from the government for its commitment to produce EV batteries.
The Board of Investments (BOI) has approved the application of CHRG Electric Vehicle Technologies, Inc. as a new domestic producer of the said EV tools on a non-pioneer status under the current Investments Priorities Plan listing of Innovation Drivers. CHRG invested Php3.9 million for the project.
CHRG having non-pioneer status means it is granted up to four years of income tax breaks. Its project, based at the National Engineering Center at the University of the Philippines-Diliman, also gets duty exemption on imported capital equipment, spare parts and accessories, and wharfage dues. The project would also get tax breaks on breeding stocks and genetic material and tax credits on imported raw materials, among others.